News Releases
January 23 2012
PASSENDRO GOLD PROJECT UPDATE
Toronto, Ontario - January 23, 2012 - AXMIN Inc. (TSX
Venture: AXM) ("AXMIN" or the "Company") today announced
that as a gesture of confidence in the Company's ability to
build the Passendro Gold Project, AXMIN will make its final
payment of US$3.0 million to the State of the Central
African Republic ("CAR") earlier than the required April
30, 2012. This early payment constitutes the full amount of
the payment to CAR, and thereby completes Aurafrique's
payment obligations under the Addendum to the 2006 Mining
Convention.
AXMIN's President and CEO, Mr. George Roach, comments,
"AXMIN's early payment of its final installment to the
Government of CAR and the progress we are making with
on-site infrastructural upgrades signals to the State and
people of CAR that we are determined to build the country's
first modern gold mine. In addition, I would like to take
this opportunity to thank our shareholders for their
support and patience as we progress through the debt
financing negotiations. Although longer than originally
anticipated, the work that our team has accomplished during
the past year ensures that we are in a strong position to
finalize the debt and move forward to development and gives
me confidence that 2012 will be an exciting year for
AXMIN."
Project Development
AXMIN has begun the on-site infrastructural upgrades and
pre-development work which constitute the soft-start
development that is required to ensure that the project
maintains its 24 month build schedule. Work undertaken to
date includes:
• The State has granted AXMIN a two year extension as of
January 11, 2012 to begin the development and production
start-up work at the Passendro project;
• Local civil contractor engaged to carry out early on-site
infrastructural upgrades, including starting 45 km road
upgrade from Kombele to site, on-site road works, building
an air-strip and the main bridge over Bambari River;
• Team building at Passendro continues, recently hired Mike
Edwards as Project Director and Geoff McLoughlin as
Engineering Manager, in addition to recent appointment of
the CAR Country Manager and Passendro Chief Controller;
• Tendering and adjudication process for major build
Engineering, Procurement, Construction and Management
("EPCM") contract is in the final stages and contract award
is expected shortly;
• Mining equipment and fuel supply contract tendering and
site visits are underway and power options (lease, own or
third party provider) analysis and proposals have been
received;
• Feasibility study optimizations and upgrades are underway
and will include a revised financial model.
Project Finance
With the assistance of our financial advisors Endeavour
Financial, we are progressing through the final stages of
the debt finance negotiations with multiple lenders and in
condensed summary, our progress includes:
• The Standard Bank of South Africa Mandate Letter
Agreement ("MLA") to arrange and underwrite up to a US$100
million in debt facility has been extended to March 31,
2012 from December 31, 2011;
• Lenders environmental due diligence has been completed,
and in December the Lenders technical due diligence was
completed and the legal due diligence completion is
expected soon;
• Negotiations with several other banking groups for the
remaining debt required are in the final approval
process.
About AXMIN
AXMIN is a Canadian exploration and development company
with a strong focus on central and West Africa. AXMIN is
positioned to grow in value as it progresses its Passendro
Gold Project towards development and builds on its project
pipeline focusing on transitioning from an explorer to
producer. For more information regarding AXMIN visit our
website at www.axmininc.com.
George Roachbr President & CEO
DDirect T:+44 779 626 3999
Judy Websterbr Manager Investor Relations
T: 416 368 0993 ext 221
ir@axmininc.com
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release. This press release
includes certain "Forward-Looking Statements."
All statements, other than statements of historical fact
included herein, including without limitation, statements
regarding future plans and objectives of AXMIN; and
statements regarding the ability to develop and achieve
production at Passendro, to revalidate the BFS and to
satisfy the terms of the Mining Licence as negotiated, are
forward-looking statements that involve various risks and
uncertainties.
There can be no assurance that such statements will prove
to be accurate and actual results and future events could
differ materially from those anticipated in such
statements. Important factors that could cause actual
results to differ materially from AXMIN's expectations
have been disclosed under the heading "Risk
Factors" and elsewhere in AXMIN's documents filed from
time-to-time with the TSX Venture Exchange and other
regulatory authorities. AXMIN disclaims any intention
or obligation to update or revise any forward-looking
statements whether resulting from new information, future
events or otherwise, except as required by applicable law.
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